Gold & Silver Update: Largest Swiss Bank Launches Gold-Vault Service In Singapore, Smart Wealthy Money Seeking Storage Outside Banking System, Indian Silver Imports On Pace For New Record In 2013

Submitted by IWB, on July 2nd, 2013

Indian Silver Imports on Pace for New Record in 2013

If the present trend of large monthly silver imports continues, Indian may be setting up for a record year in 2013. According to industry sources, Indian has already imported 2,400 tonnes of silver in the first 5 months of 2013 compared to 1,900 tonnes for the entire year in 2012.

If we look at the chart below, we can see that India imported a record 5,048 tonnes of silver in 2008. This was the year that silver hit a record high of $21 and record low at the $9 level. The Indians were importing record amounts as the price rose to its high in March that year, and they bought even more when it fell all the way to $9 in Oct. 2008.

As the world’s economies slowed in 2009, industrial and investment demand declined until it started to picking up again in 2010 and even more in 2011.

Physical demand remains robust globally and especially in China where Reuters report “stock loading in the market and physical buying in Shanghai.”There is also the interesting trend of many western banks, some who are making loud bearish noises in public, quietly moving to offer their high net worth client’s storage in Zurich, Singapore and Hong Kong.Smart money is still accumulating physical gold and the banks know this and realize that in order to retain clients and income they must offer bullion services and storage outside the still fragile banking system.

Bloomberg reports tonight that UBS has launched a gold vaulting service in Singapore and will make its bullion vaulting services available for clients in Singapore and Hong Kong. UBS joins Deutsche Bank and JP Morgan in offering bullion storage facilities in Asia.Perhaps this is where the approximately 300 tons of gold drained from the GLD over the past 6 months was headed?

Gold Trader – “This Is What Has To Happen—To Generate The Conditions Necessary For A Bubble Phase”

“I think we finally got our bottom in gold”, after much exacerbation by government and hedge fund smashing, with funds intentionally widening and profiting from the Asian gold premium spread. That manipulation “finally appears to be breaking,”

On the heels of continued volatility in the gold and silver markets, today James Turk told King World News that he is seeing shocking movements of 500 tons of physical gold each month. Turk spoke about this remarkable situation as well as other key developments taking place in the ongoing war in the gold market.

Turk: “We have recently seen one of the greatest interventions in the history of the gold market by Western central banks. Gold is one of the world’s least transparent markets, and misleading central bank accounting keeps it that way. But sometimes, by looking at different pieces of the puzzle, a picture starts emerging. So I have put together some of the pieces together….